BRETT Coin Price Analysis: Falling Wedge Pattern Hints at Potential Reversal

The BRETT token's market cap ranking was #72 as per CoinMarketCap at the time of writing. The BRETT coin's market cap declined by 5.8% in just the last 24 hours

The price of the BRETT token has experienced a decline of 5.8% over the last 24 hours, bringing its market cap to $803.465M, according to CoinMarketCap.

The token has seen a decrease in trading volume of 14.5%, with a current volume of $19.271M. Its volume/market cap ratio stands at 2.39%.

Further analysis of the BRETT token reveals a high level of circulation in the market, with 99.99% of the maximum supply available. This translates to 9.99B BRETT in circulation, out of a maximum supply of 10.0B BRETT. As a result, the fully diluted market cap is very close to the spot market cap.

Now, let’s delve into the derivatives data for the BRETT token. Here, we can observe a decline in activity, with a 12.5% decrease in traded volume over the last 24 hours.

Interestingly, the liquidation activity has also seen a significant decline. In fact, over the last 24 hours, more longs were liquidated, indicating a shift in traders' engagement with the token.

To be specific, longs worth $8.43K were liquidated, while shorts were liquidated to the tune of $25.49K, highlighting the dominance of sellers.

Moreover, the token's open interest has decreased by 3.3%, currently valued at $17.26M.

Now, let’s zoom in on the technical analysis of the BRETT token. Over the last five months, the token has encountered substantial profit booking. This has led to a decline of nearly 60% from its swing high of $0.19550.

This downtrend has culminated in the formation of a falling wedge pattern on the charts, which is often considered an indicator of a potential price reversal.

As we can see, BRETT’s price has shown signs of recovery after hitting the lower band of the wedge recently. It has started to move toward the higher band with strong momentum and increasing trading volume, suggesting a shift toward growing interest and the possibility of further gains.

If BRETT’s price manages to break above the wedge pattern and sustain this position, it could signal the beginning of a strong uptrend, offering a promising outlook for the token’s future performance.

Finally, let’s conclude with a glance at the technical indicators for the BRETT token. Here, we can observe the 20-day and 50-day EMAs, which are both trading in an EMA death cross, indicating a strong downtrend in the token price, followed by a consistent price decline.

Moreover, the MACD and the signal line are both trading in the negative territory, and the histograms on the chart are bearish, indicating a dominance of sellers in the token price over the short term, in line with the overall market structure.

Lastly, the RSI has also followed a strong bearish cycle and hit the oversold zone a few days ago, showcasing bears’ strength in driving the token’s price down to lower levels, which might continue to unfold.

To summarize, the support levels for the BRETT token are at $0.0290 and $0.0580, while the resistance levels are at $0.1450 and $0.1950. This concludes our analysis of the price, derivatives, technical, and indicator data for the BRETT token.

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